Hiscox Ltd. said Wednesday it had reached a preliminary agreement to acquire a managing general agent and a high-net-worth insurance company from Randall & Quilter Investment Holdings Ltd.
Hamilton, Bermuda-based Hiscox said it would acquire R&Q Marine Services, an underwriting agency specializing in yachts that generated gross written premium of £17 million ($25.7 million) in 2014 from R&Q, which also is headquartered in Hamilton.
In addition, Hiscox said it would acquire London-based Synergy Insurance Services (U.K.) Ltd., which underwrites high-value household and auto business and generated gross written premiums of £6 million ($9.1 million) in 2014.
Terms of the proposed deal were not disclosed.
Hiscox said in a statement that completion of the transaction was subject to due diligence as well as obtaining regulatory and board approval.
Hiscox Ltd. has added cyber deception coverage to its crime insurance program to help protect against losses incurred by employees tricked into transferring company funds, the insurer said.